Shuman Roy is an entrepreneur, business owner, and musician. He started RoysNoys, LLC in 2013 as a music production and education service company. He also offers small business consulting and advisory services to help businesses get from start-up mode to turn-key operations. Shuman earned his M.B.A from the Stern School of Business in 2001 and has an undergraduate degree from Manhattan College in ...

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Joel Ohman is the CEO of a private equity-backed digital media company. He is a CERTIFIED FINANCIAL PLANNER™, author, angel investor, and serial entrepreneur who loves creating new things, whether books or businesses. He has also previously served as the founder and resident CFP® of a national insurance agency, Real Time Health Quotes. He has an MBA from the University of South Florida. Joel...

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Reviewed by Joel Ohman
Founder, CFP®

UPDATED: Jul 19, 2021

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In case you haven’t heard, the economy is in bad shape and individuals are actively looking to save money anywhere they can.

This means lowering payments on not just car insurance premiums, but homeowners insurance as well.

So let’s take a look at some available discounts a homeowner’s insurance consumer may want to take advantage of to get those pesky insurance premiums down, as pointed out by a recent release from Southwestern Insurance Information Service (SIIS):

Home Security Systems, Dead Bolt Locks, Smoke Alarms, and Gated Community Discounts

Not sure much of an explanation is needed here. Just make sure to ask your agent or insurer if they have duly noted your participation in any of the above home security features and credited any of the discounts to your premium.

Non-Smoking Households

Yes, there are insurance companies that offer (sometimes large) discounts to clients who do not have any smokers living in their home. All the stories you hear about people falling asleep with cigarettes and burning down the house are true.

Note: You will not qualify for the discount by pointing out that you “don’t smoke inside.”

Senior Discounts

Seniors tend to have more equity in their homes and actually reside at home more often. Both facts statistically demonstrate a lower propensity for insurance claims by frequency and severity. You can’t argue with the numbers people.

Multi-Line or Home and Auto Policies from the Same Insurer

Read more about why packaging your home and auto insurance is a benefit to both you and your insurer, and how it can cut down related costs.

Higher Deductible

Shocker alert! Higher insurance deductibles equal lower overall premiums. Basically, you are agreeing to self-insure more of your property losses. Less potential payout for the insurer equals more money in your pocket.

Also read: What happens to an insurance premium when a deductible is lowered?

Loyalty Discounts

These discounts are a good idea if the insurer is taking advantage of your loyalty. Many captive insurers, who only sell one insurance product (State Farm and Farmers, for example) might be more than happy to reduce your premium by one or two percent while perhaps charging you more than other companies in general.

Be certain to at least consult a local independent agent to shop your premium and make sure you are not being overcharged.

Electronic Payment or Advanced Payment

Both options allow the insurer to sleep more soundly at night because they’re sure they have your money. Expect at least 5-10 percent premium reduction for paying your premium in full and expect to save between $3 and $10 per month by making electronic payments via credit card or a checking account.

Positive Credit Rating

Credit strikes again. Good credit typically equals a lower insurance premium and vice versa. There are still several companies out there that don’t look at your credit in order to determine how much to charge you. Make sure to visit an independent agent to find one of these insurers if you have less than perfect credit.

Organization Affiliation

Do you belong to a credit union, work union or are you an employee of a large corporation? If yes, be sure to ask if you qualify for discounted insurance through your company. But still be sure to shop around, as insurance professionals have seen instances where people save big bucks as a result of an organizational affiliation and instances where people have overpaid substantially.

How Else Can You Save?

– Don’t pay for coverage you don’t need (review your coverage)

– Keep your risk as low as possible (swimming pools, trampolines, and dogs increase cost/risk of claim)

– Consider putting expensive items like jewelry in safe deposit boxes instead of your home

– File insurance claims only when necessary

As discussed above, it is highly recommended that you visit an independent insurance agent or broker to determine if you have the coverage you need at the best cost available.

If your national chain insurance company is the best deal…great. You might find however that you’re overpaying for your coverage.

Don’t trust your hard earned money to a high paid, celebrity actor. Those high-cost advertisements are being financed with your premium dollars!

Read more: How are home insurance rates determined?